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摘要：现代企业所有权和经营权的分离引发的代理冲突问题是促使公司持有过多现金的重要原因之一，管理层权力的强弱能衡量代理问题的严重程度。本文以年沪深两市A股上市公司为研究样本，用主成分分析法生成管理层权力变量，实证研究了管理层权力与公司现金持有量的关系以及股权结构对两者关系的影响。实证结果表明，管理层权力对公司现金持有量有显著的正向影响。另外，非国有企业相比于国有企业而言，其管理层权力对公司现金持有量的正向影响更加显著。最后，在股权分散和大股东绝对控股的情况下，管理层权力对公司现金持有量的正向影响会增强。在大股东相对控股的情况下，管理层权力对公司现金持有量的正向影响会减弱。29484
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毕业论文关键词：管理层权力；公司（企业）现金持有量；股权结构
Ownership Structure, Managerial Power and Corporate Cash Holdings
Abstract：The agency conflict, which is caused by the separation of ownership and management rights for modern enterprises, is one of the important reasons for the company to hold too much cash. The strength of managerial power can measure the severity of agency problems. Using the data from 2011 to 2015 of Chinese listed companies as samples, generating the comprehensive variable of managerial power with the method of principal component analysis, this paper empirically examines the relationship between managerial power and cash holdings, the influence of ownership structure on the relationship. This study finds that managerial power has a significant positive impact on the company's cash holdings. The positive impact of managerial power on the company's cash holdings in the non-state-owned enterprises is more significant compared to state-owned enterprises. Finally, when the equity is decentralized, shareholders lack motivation to constrain manager’s opportunistic behavior，which enhances the positive impact of managerial power on the company's cash holdings. When the proportion of the largest shareholder is greater than or equal to 50 percent, the positive impact of managerial power on the company's cash holdings is also enhanced. However, the positive impact of managerial power on the company's cash holdings is weakened when the proportion of the largest shareholder holdings is between 30 percent and 50 percent.
Key words: Managerial Power; Corporate Cash Holdings; Ownership Structure
目 录
摘要 1
关键词 1
Abstract 1
Key words 1
一、引言 2
二、文献综述 2
（一）公司持有现金的相关研究 2
1.公司持有现金的动机 2
2.公司现金持有的影响因素 2
（二）管理层权力的相关研究 3
1.管理层权力的定义及衡量 3
2.管理层权力与企业现金持有的关系 3
三、理论分析与研究假设提出 4
（一）理论分析 4
（二）研究假设提出 5
四、研究设计 6
（一）样本选择与数据来源 6
（二）变量定义 6
（三）模型设计 7
五、实证分析与结果解释 8
（一）描述性统计 8
（二）相关分析 9
（三）管理层权力与企业现金持有的回归分析 10
（四）股权结构、管理层权力与企业现金持有的回归分析 10
1.管理层权力与企业现金持有的回归分析（以终极控制人类型为背景） 10
2.管理层权力与企业现金持有的回归分析（以大股东控制为背景） 11